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Personal Loan Eligibility

Personal Loans for all your needs

Get Instant Personal Loan up to ₹5 Lakhs

100% Safe & Secure
100% Safe & Secure
Instant Process
Instant Process
quote
Great app. It does what it says and can be of very help to get personal loans online. It’s absolutely wonderful. Looking forward to have a long term association with you guys.
Limited money for your unlimited dreams and responsibilities
PaySense’s instant personal loans help you enjoy life fully, without holding back. Whether you are dreaming of an international vacation, a perfect wedding, buying the latest gadget in the market, undertaking home renovation or anything else – our personal loans can help you realize all your dreams. Instant personal loans from PaySense offer an easy and quick solution to meet all your financial needs – big or small. Whether you need funds for medical emergencies or to celebrate a family function, an instant personal loan can finance all your requirements. Personal loans offer several advantages compared to other forms of credit like borrowing from friends and family or taking loans on your credit card. Here, at PaySense, we offer instant personal loans for both salaried professionals and self-employed businessmen. Low interest rates, flexible tenures, easy EMI repayment, minimal documentation, instant processing, and quick disbursal – all of these benefits make instant personal loans from PaySense one of the most sought-after online lenders.
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Do you think a personal loan needs too much effort ?

Getting a personal loan was never this easy

Instant personal loans
Instant personal loans
Get instant personal loans from ₹5000 to ₹5 lakh to fit all your needs and dreams
Quick Approvals & Disbursals
Quick Approvals & Disbursals
Get prompt loan approval and money in your account
Easy Collection of Documents
Easy Collection of Documents
Doorstep collection of documents; just sign & hand over the required documents to the courier
Affordable EMI plans
Affordable EMI plans
Easy to manage EMI plans with reminders and auto-debit features so that you don’t miss out on timely payments
One-click subsequent personal loans
One-click subsequent personal loans
Need another loan from PaySense? With one-time documentation, it’s just a click away. No further checks required
Zero Credit History
Zero Credit History
Never taken a personal loan previously? It’s okay - we serve the users who are new to credit and lending system.

It just takes three simple steps to get an instant personal loan online!

1
Check eligibility and select a personal loan plan
Fill in a few basic details to check your eligibility for PaySense instant personal loans and get a Credit Line. A Credit Line is the total amount of loan you can get from PaySense. To maintain EMIs better, it is recommended that you take a loan of only up to 50% of your approved line of credit. Once you get your Credit Line, you can choose the loan amount. Choose the best combination of loan duration and EMIs to select your loan plan.
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2
Upload KYC Documents
To get your personal loan approval, you have to upload a few documents to complete your KYC. You are also required to sign the loan agreement and a NACH form to enable auto-deduction of EMIs. NACH stands for National Automated Clearing House is a centralised web-based payment system, regulated and supervised by Reserve Bank of India (RBI) for bulk money transactions. NACH form ensures that you don’t miss on your EMI payments and impact your credit score negatively. The best part – the entire process is paperless. Once you upload all required documents, you get an approval within 2 working hours.
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3
Get your money
Once your personal loan is approved and the application procedure is complete, your money will be directly transferred to your account quickly. It is that easy to get instant personal loan with Gopaysense.
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Check eligibility and select a personal loan planUpload KYC DocumentsGet your money

Things to Know

Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay

Eligibility Criteria

Documents Required

Credit Score

EMI Calculator

Eligibility Criteria options

Eligibility Criteria

Are you eligible for a personal loan?

To be eligible to get a personal loan from PaySense, you should fulfil the following eligibility criteria

Documents Required options

Documents Required

Which documents are required to get a personal loan?

To get a personal loan instantly, you should keep some documents handy before you start applying.

  • Proof of Identity

    PAN Card or Aadhaar Card

  • Proof of Address

    Aadhaar card, Rental agreement, Utility or Postpaid bills

  • Proof of Income

    Last 3 months bank Statements

  • A Selfie

Credit Score options

Credit Score

What is a good credit score required to get a personal loan?

Have you ever been to a bank for a personal loan and got rejected because your credit score was low? Yeah, we get you! Credit Score is a 3-digit number on which banks and NBFCs (Non Banking Financial Corporations, such as loan and insurance companies, co-operative banks, stock broking firms, etc.) evaluate your capacity to pay the loan on time.

Range
Grade
0 or -1
No Credit History
300 - 550
Bad
551 - 649
Poor
650 - 699
Fair
700 - 749
Good
750 and above
Excellent
EMI Calculator options

EMI Calculator

Calculate your EMI

Now get a personal loan on your own terms with our flexible EMI options and take control of what & when you pay.

Loan Amount

1,30,000Edit
₹5,000
₹1,30,000
₹5,00,000
Loan Term
EMI (per month)
Total interest
*The tenures shown here are indicative. Actual tenures may vary depending on your eligibility.

Over 1,20,000 loans disbursed-happy customers

With a continously growing community of happy customers we are disbursing more loans every minute.

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PaySense app screenshots
Download the PaySense App
Enjoy a faster & easier loan application process with our Android App

Disbursed till date

App Downloads

Loans Disbursed

Frequently asked Questions

Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay

General Questions
About PaySense
Loan Eligibility
Loan Application Process
Fees and Charges
Loan Repayment
User Security
Customer Support
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What is a personal loan interest rate?

It is the rate at which a personal loan is offered by a lender.

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How personal loan EMI is calculated?

Personal loan EMI is calculated using a flat rate or reducing balance method.

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How can I reduce my personal loan interest rate?

You can reduce your personal loan rate of interest by reducing your repayment tenure.

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What is the personal loan rate offered by PaySense?

PaySense offers personal loans at an Annual Percentage Rate (APR) of 16% to 36% on a reducing balance basis.

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Are there any hidden charges on personal loans offered by PaySense?

No, there are no hidden charges on personal loans offered by PaySense.

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What is PaySense?

PaySense is a web-based and android app, which gives short-term instant personal loans from ₹ 5,000 to ₹ 2 Lakh, for up to 2 years. Functional in over 50 cities in India, we have enabled dreams and responsibilities of over 10 lakh users.

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Which banks and NBFCs have you partnered with?

Currently, we have partnered with India Infoline and Fullerton to serve bothsalariedandself-employedusers. We are adding more banking partners to provide more options to our users.

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Is taking a personal loan a good idea?

Yes. A limited salary should not limit your dreams or wishes. It should not discourage you from your responsibilities either. A personal loan is a helping hand, for the times you need that extra boost to your funds. It also helps you build and improve your Credit Score, so that you can avail higher loans later.

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What is the maximum amount of personal loan I can get from PaySense?

PaySense gives loans of up to ₹5 lakh, starting from ₹ 5000, so that you can fulfil your dreams and responsibilities without stress. You can also request here if you need a higher loan amount, and we will reach out to you as soon as we can provide you the service.

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What can I use my personal loan for?

Once the money is transferred to your account, you can use it as you like it. A few common uses include shopping for mobiles, gadgets and appliances; travelling; medical emergencies; and to pay off credit card bills.

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How would PaySense personal loan impact my credit score?

Just as any other loan would. If you pay your EMIs on time, a PaySense personal loan can help you build and improve your credit score. However, if you delay or default, your credit score will decrease. The only difference – we would consider your loan application even if you don’t have a credit history.

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Am I eligible for a PaySense personal loan?

To be eligible for a PaySense personal loan, you have to meet the following criteria –

  • Resident of India
  • Current city of residence is under our serviceable areas
  • Age: 21-65 years
  • Type of employment:Salaried/Self-employed

  • Minimum Income forSalaried: ₹ 12,000 per month

  • Minimum Income forSelf-employed: ₹ 15,000 per month

  • Have an active netbanking account
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I am self-employed. Will you give me a PaySense personal loan?

Yes. We love people who have the ability to follow their own dreams and be their own boss. And whenever possible, we serve them with an instant personal loan to give them the boost they need.

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I have zero credit score. Will you give me a PaySense personal loan?

Yes. Most of the banks and NBFCs require a credit score of 750+ to approve your loan. However, we understand that everybody begins somewhere. And we would love to be that ‘somewhere’ where you begin building a good credit.

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How do you decide my credit line?

Your credit line is decided on the basis of your profile, your income, your bank statement and other details you provide to us.

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I need a loan of higher amount than you approved. Can my credit line be changed?

Once generated, a credit line cannot be changed instantly. However, credit line changes over time depending on your credit behaviour. If you pay your EMIs and bills on time, it can be increased. The minimum time for credit line reassessment is 3 months. We recommend taking a smaller loan to boost your funds and pay it back on time to get a higher loan the next time.

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What documents are required to get a PaySense personal loan?

To get a PaySense personal loan, the following documents are required –

  • Selfie
  • PAN Card
  • Net banking login information
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How do I apply for a PaySense personal loan?

You can easily apply for a PaySense personal loan through following steps –

  • Download the application.
  • Check your eligibility.
  • Upload a few documents.
  • Get money in your account.
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How much time would it take to complete my loan application once I have installed the app?

If you keep all your documents ready before you install the PaySense app, it takes 5 minutes to complete the loan application.

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How much time would it take to get the loan approval once I have completed the loan application?

Once you have uploaded all required documents and completed the loan application, our team and our lending partners verify the information provided by you through multiple checks. It takes up to 2 working hours to verify and give loan approval. You can check your loan application status within the app. You also get notified through mail and SMS regarding the status of your loan application.

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After uploading all the documents, why was my loan application rejected?

As mentioned, our team and our lending partners run multiple checks to verify the information provided by you. In case of incomplete or wrong information, the application can get rejected.

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When can I get my money after loan approval?

Once approved, our team and the lending partners work extra hard to get the money in your registered and verified bank account within 5 working days.

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Are there any hidden fees?

No. There are no hidden fees and charges involved when you take a personal loan from PaySense. All the fees and charges like interest rates, loan processing fees, late payment charges and foreclosure charges are mentioned in the loan agreement.

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How much processing fees do you charge?

We charge a processing fees of up to 2.5% of the loan amount. The standard GST is also applicable over the processing fees.

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How much interest rate do you charge on personal loans?

We charge an interest rate of 1.4% - 2.3% per month, making it easier for you to afford your EMIs.

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Are there any extra charges on late payments?

Yes. For late payments on EMI, you have to pay a flat rate of ₹ 500 + GST.

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What are loan foreclosure / pre-payment charges?

A loan foreclosure can only be requested after successful payment of first 3 EMIs. You have to pay an additional 4% charge on the principal outstanding at the time of foreclosure.

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How can I pay back my loan?

For the users with an active NACH status, the EMIs are auto-deducted. Other users get a customised link within their PaySense account, through which they can pay their EMI.

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What is a pre-EMI?

A pre-EMI is the interest paid on the loan amount from the time of disbursement to the date of your first EMI.

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Can I reschedule my EMI date?

Currently, the EMI due date is set at 3rd of each month. However, we are working towards a flexible EMI date and will update you soon.

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What happens if I miss my EMI on due date?

If you miss your EMI payment on due date, these three things happen –

  • You are sent reminders and notifications
  • Your credit score is negatively affected
  • A late payment charge is applied

If you fail to pay after reminders, a standard recovery process is initiated.

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While paying my EMI, the amount was deducted from my bank account, but it’s not showing on the PaySense app. Where did my money go?

Don’t worry. If the EMI amount has been deducted from your bank account, you can relax. The EMI payment status takes up to 3 working days to reflect in our system. However, if you feel that the payment has failed and need support, you can write to our customer support team at [email protected] with details of your registered account.

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I want to close my loan earlier than the schedule loan tenure. What is the loan foreclosure process?

A loan foreclosure can only be requested after successful payment of first three EMIs. To initiate the foreclosure, you have to send a request to our customer support team at [email protected] with details of your registered account.

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What happens if I don’t pay back?

If you don’t repay or delay your payments , it impacts your credit score negatively. This, in turn, impacts all your future loan applications negatively, whether through PaySense or any other provider. Also, if a user fails to pay after repeated reminders, our lending partners start the standard recovery procedures.

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My loan has been paid successfully. How do I get my No Objection Certificate (NOC)?

To request an NOC, please write to our customer support team at[email protected]with details of your registered account.

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Is PaySense safe?

Yes, indeed! Using PaySense app to get a personal loan is absolutely safe. Any sensitive and personal information is encrypted and kept safe through SSL protocol. We do not share your information with any marketing agency of third-party associates. Over 10 lakh users trust PaySense with their personal, sensitive and financial information.

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You ask for my internet banking details? How safe is it?

You netbanking details are required to verify your income through your bank statements. Let us assure you, it is completely safe. We do not have access to your details – we do not store any information.

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I had checked my credit line from PaySense earlier but uninstalled the app. Now that I need a loan, do I have to start a fresh application?

Depends. Within 2 months of checking your credit line, you can log in and continue your loan application from where you had left.

However after 2 months, the credit line might get reassessed and you would need to fill in your details again to get a new credit line and proceed from there.

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My loan application process is incomplete, but my phone got switched off. Do I have to start the application process again?

Don’t worry. Your loan application progress is saved in our app. Just log in to your PaySense account and resume from where you had left. For further assistance, you can write to our customer support team at[email protected]

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I am getting a “Signature not verified” error after e-signing a document. What do I do?

Make sure that the signature you upload is made using black ink on a blank sheet. In case of a failed verification or a signature mismatch, contact our customer support team at [email protected], and our team members will help you complete your loan application.

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My netbanking access has been temporarily disabled. What do I do?

If you are unable to access your netbanking account, please get in touch with your bank and resume your loan application once you can log in to your netbanking account again. Alternatively, you can write to our customer support team at [email protected], and our team members will help you complete your loan application. However, we cannot verify your bank account ownership without netbanking access and hence, we will be unable to provide instant disbursal of your loan amount.

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How do I update my contact details (mail ID, phone number, address) in my PaySense account?

To update your contact details, contact our customer support team at [email protected] with the information you want to get updated and we will process your request at the earliest.

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How can I contact your team if I need any assistance?

For any assistance, write to us at [email protected]with your registered E-mail ID, registered phone number and your query/request in detail. We insist on providing as many details in the e-mail since sensitive information related to your KYC details and money are involved.

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When will you support iPhone and Windows phones?

We might support some of these phones and operating systems in future, but we do not have fixed launch dates for them yet.

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Apply for loans of upto ₹5 lakhs easily using your phone or laptop, and pay back on low EMIs

Personal Loan Eligibility

Personal loans are loans extended to borrowers to cover personal expenses. You can avail of a personal loan and repay it over time.

A personal loan is an unsecured loan, so you do not have to pledge any collateral to avail of it. However, as the risk involved in granting a personal loan is greater for lenders, the interest charged on it can be higher than that on secured loans. 

Personal loan eligibility indicates the eligibility of a borrower to avail of a personal loan. Before applying for a loan, you must check whether or not you are eligible for it by calculating your personal loan eligibility. You can check your eligibility for a personal loan by looking at your lender’s eligibility criteria. 

Your loan eligibility hugely depends on the type of loan you want to avail of and your lender. Lenders calculate personal loan eligibility based on loan tenure, interest rate, type of employment, geography, loan obligations, gross monthly salary, etc.

You need to fulfil your lender’s eligibility criteria for personal loan to avail of a loan.

Documents Required for Personal Loan from PaySense

While applying for a personal loan, you are required to submit a few documents giving your identification and showing your repayment capacity.

To quickly avail of a personal loan from PaySense, keep the following documents handy:

  • Proof of identity: PAN card or Aadhaar card
  • Proof of address: your rental agreement, Aadhaar card, utility bills, or postpaid bills
  • Proof of income: bank statements of the past three months
  • Photo: a selfie

What is The Eligibility Criteria For Salaried Individuals?

Salaried individuals are eligible to apply for a personal loan from PaySense. The exact personal loan eligibility criteria for salaried employees differ from lender to lender. 

You can avail of a personal loan from PaySense upon meeting the following personal loan eligibility criteria for salaried applicants:

  • Nationality: You must be an Indian resident
  • Age limit for personal loan: 21 years to 60 years
  • Employment type: salaried/self-employed
  • Minimum monthly income required for salaried individuals: ₹18,000
  • City of residence: PaySense is operational in over 60 cities in India. Click here to see if PaySense is active in your city

What is The Eligibility Criteria For Self-Employed Professionals?

Self-employed professionals like doctors, architects, lawyers, etc., and business owners can avail a personal loan from PaySense subject to meeting the applicable eligibility criteria. The exact personal loan eligibility criteria for self-employed professionals differ from lender to lender. 

To be eligible for a loan from PaySense, a self-employed applicant must fulfil the following eligibility criteria for personal loan:

  • Nationality: You must be an Indian resident
  • Age limit for personal loan: 21 years to 60 years
  • Employment type: salaried/self-employed
  • Minimum monthly income required for self-employed individuals: ₹20,000
  • City of residence: PaySense is operational in over 60 cities in India. Click here to see if PaySense is active in your city

Factors Affecting Your Personal Loan Eligibility

Lenders consider factors such as your age, income, credit score, job stability, etc., to decide your personal loan eligibility. The weight given to different factors varies from lender to lender.

Following are some of the critical factors lenders consider to determine your personal loan eligibility:

  • Your age: Most lenders offer personal loans to applicants aged 21 to 60 years.

  • Your income: Lenders look at your minimum monthly income to decide on your loan eligibility. Your minimum monthly income must be in the range of ₹15,000 to ₹25,000 to avail of a personal loan. For self-employed applicants, a minimum gross annual income of around ₹5 lakh is required.

  • Your credit score: Your credit score shows how you have handled your repayments in the past. A credit score of around 750 and above is regarded as excellent to qualify for a personal loan.

Ways to Improve Your Personal Loan Eligibility

You can improve your chances of getting a personal loan. Following are some of the tips to enhance your loan eligibility:

  • Maintain a good credit score: Build a credit score of over 750.

  • Do not apply to multiple loans simultaneously: Apply only for a loan that you need. Applying for numerous loans decreases your creditworthiness.

  • Pay your EMIs on time and in full: Keep your repayment history sound by paying off your existing liabilities on time and without defaulting. Making regular payments improves your credit score over time.

  • Opt for a longer loan tenure: A longer repayment tenure not only allows you to repay your loan over a longer time but also improves your eligibility to get a personal loan.

  • Minimise your credit utilisation: Keeping your credit utilisation ratio to less than 30% by reducing your reliance on credit improves your credit score and loan eligibility.

How Do Lenders Decide The Maximum Personal Loan You are Eligible For?

The maximum personal loan you are eligible for depends on your current earnings, existing EMIs, and repayment capacity. Your disposable income must be a minimum of 30% to 40% of your net monthly income. 

Following are the two methods using which lenders arrive at the maximum personal loan amount that you are eligible for:

  • FOIR method: The Fixed Income to Obligation Ratio or FOIR is the ratio of total monthly income to total monthly payouts that you need to make to service your existing debt. If your FOIR is more than 50%, your loan application may be rejected, or you may be offered a lower loan amount.

  • NMI method: Some lenders use Net Monthly Income or NMI method to decide your maximum personal loan eligibility. NMI is a multiplier applied to your net monthly income. Your maximum personal loan eligibility can be up to thirty times your NMI.